Eurasian Resources Group enters into a principal agreement with China's NFC to complete the construction of its project in Africa; EXIM and ICBC to support the financing, Sinosure to provide the insurance
Eurasian Resources Group enjoys top-level representation at SPIEF-2016
Senior Group executives attended the plenary session addressed by Vladimir Putin, Nursultan Nazarbayev and Matteo Renzi, took part in the meeting between the President of Kazakhstan and Russian business representatives, and held a number of consultations with their Russian and Luxembourg partners. Alexander Machkevitch, Chairman of Board of Directors of Eurasian Resources Group, spoke at a panel session on the transformation of the Chinese economic model.
Eurasian Resources Group (ERG), a leading diversified natural resources producer, played a key role in the 20th annual St. Petersburg International Economic Forum (SPIEF) 2016 in Russia.
At SPIEF, the founders and shareholders of ERG, Alexander Machkevitch and Members of Board of Directors Patokh Shodiyev and Alijan Ibragimov, were invited to the plenary session attended by Presidents of Russia and Kazakhstan and the Italian Prime Minister, as well as the meeting of Kazakhstan President Nursultan Nazarbayev with Russian business representatives.
At SPIEF, ERG shareholders and senior executives, including Benedikt Sobotka, CEO of Eurasian Resources Group, and Aldiyar Kaztayev, Chairman of Eurasian Group LLP, held a number of important meetings with international partners of the Group from Luxembourg, where ERG is headquartered, and Russia. The consultations were focused on the implementation of vital business development projects and new innovation initiatives.
Dr. Machkevitch presented a speech at a panel session on the Chinese economic model in the new reality, held in cooperation with Deloitte. Other speakers included Ivan Glasenberg, CEO of Glencore, Maxim Oreshkin, Deputy Minister of Finance, Andrey Klepach, Deputy Chairman of Vnesheconombank, and others.
‘China looks several centuries ahead, and has a huge capacity for growth and development in the future, particularly as it pursues a strategy of liberalization, deregulation and privatisation. Chinese leaders have a very clear vision for the future. Therefore, when speaking about the future of China, I am a strong optimist. But overproduction is a different issue. It is a real problem for all mining and metals companies around the world, including ERG as we are now suppling 30% of our products to China. The industry must deal with this problem, but it will be a very difficult, long and painful process,’ said Dr. Machkevitch.
‘I am sure that market mechanisms will prevail, but they are unlikely to be introduced very quickly, and the overproduction mode will continue for some time. In the next five years China will continue growing at 5-6% a year,’ he added.
ERG is a leading Kazakh company, one of the largest manufacturers of a broad variety of commodities for the global metals industry, and a prominent participant of the Eurasian integration. Russia is a key region for the Group in terms of commercial presence, and the home country to financial institutions, which are strategically important for the Group.
‘We have close and very diverse partnership relations with Russia. The St. Petersburg Forum is the place where we meet dozens of companies from different countries. These companies buy our products, and we buy a lot from them as well. The Forum is an excellent chance for us to see hundreds of people, including those who we sometimes do not see for months. SPIEF is really a highly efficient and productive business venue,’ noted Dr. Machkevitch.